JMP Securities initiated coverage of Safehold with an Outperform rating and $35 price target. Safehold is an “outlier” in the real estate investment trust space with a niche ground lease focus, with a model that is experiencing increased adoption, positioning it to benefit in the current macro environment, the analyst tells investors in a research note. The firm is positive on the long-term, low-risk nature of the company’s cash flows, with a 92-year average lease term remaining.
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